Hong Kong commerce chief to lead joint local and mainland delegation to Malaysia

Algernon Yau says about 200 mainland enterprises have already set up offices in the city since last year to expand globally

Hong Kong’s commerce chief is set to lead a delegation of mainland Chinese and local firms to Malaysia next week, noting that about 200 enterprises from across the border have already set up offices in the city since last year, using it as a stepping stone to go global.

Secretary for Commerce and Economic Development Algernon Yau Ying-wah also said on Saturday that the city was eyeing emerging markets in Africa, after exploring the Middle East and Central Asia amid geopolitical tensions.

Yau said the coming Malaysia trip would involve exploring business opportunities and signing agreements to confirm bilateral investments.

“[The trip] is not just to help mainland and Hong Kong enterprises go overseas,” the minister said. “But also in the hope of attracting businesses from other places to Hong Kong … which could help develop the city’s economy.”

“This could also in turn help strengthen the industry chain, which could help boost mainland China’s domestic circulation,” he added, referring to a concept of boosting the country’s economic self-reliance by creating a robust domestic market.

Since the establishment of the GoGlobal Task Force last October, about 200 mainland enterprises have set up in Hong Kong and are using the city as a stepping stone for their overseas expansion plans, according to Yau.